This article is from the Australian Property Journal archive
CANADA’S Alberta Investment Management Corporation (AIMCo) has entered into an agreement to acquire the sprawling northern Western Australian Yeeda Aggregation.
The Yeeda Aggregation comprises the the Kimberly Meat Company (KMC), the 475,000-hectare Yeeda Station, and the Kimberly Property Portfolio (KPP).
Beef processing facility KMC is the only export-accredited facility located in northern Western Australia. Yeeda hosts essential KMC infrastructure, and KPP is a portfolio of eight residential properties in Broome and Derby that provides KMC with a long-term housing solution for the company’s employees.
Yeeda Pastoral Company, owned by Hong Kong-based major shareholder Asia Debt Management, called in administrators KordaMentha earlier this year. Asia Debt Management was being pursued for $103 million in unpaid debts, while an environmental investigation that was underway has since concluded KMC was dumping more than 1,400 tonnes of abattoir waste on Yeeda Station
For AIMCo, the acquisition deepens its investment in Australia’s rural and agricultural sector and follows its purchase late last year of the 2.9-million hectare Kimberley Cattle Portfolio in Western Australia’s Kimberley region, which takes includes the Yougawalla aggregation and Argyle Cattle Co.
“Integration with AIMCo’s existing Yougawalla operations will increase the robustness and flexibility of the supply chain and enable the team to increase capacity and create value for our clients,” AIMCo said.
Ben Hawkins, executive managing director, head of infrastructure, renewable resources and energy transition at AIMCo said, “We believe this acquisition gives us the opportunity to create a vertically integrated beef production and processing business in northern Australia.
“AIMCo has a strong track record of investing successfully in the Australian and New Zealand primary production and rural land sector, and are committed to ensuring strong animal welfare, environmental, social and governance standards are put in place.”
The transaction has been approved by the administrators and creditors, and remains subject to regulatory approvals including Australia’s Foreign Investment Review Board and the Pastoral Land Board.
